The corporate alternative minimum tax (CAMT) imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations. Generally, the CAMT applies to large corporations with average AFSI exceeding $1 billion. In Notice 2023-64, the IRS has provided guidance to help corporations determine whether they’re liable for the CAMT and, if so, how to compute the tax. Specifically, the guidance explains how to assess a corporation’s AFSI and its applicable corporation status and determine the CAMT foreign tax credit. The IRS is waiving the penalty for a corporation’s CAMT shortfall for a tax year that begins after Dec. 31, 2022, and before Jan. 1, 2024.
Our Blog 